Rising LUNA Causes Terra’s DeFi TVL to Hit Record $21B

Rising LUNA

LUNA jumped to more than $100 on Friday, causing the DeFi total value locked in Terra network to increase by almost $3 billion to $21 billion.

$9 billion of the TVL is locked on Anchor application, while on TerraSwap, TVL has surged 81% to more than $2 billion from the previous week.

The locked value is divided among 13 protocols, each having more than $1.6 billion. Binance, the third-largest DeFi network, has $17 billion in 232 protocols.

The founder of Steinberg Invest, Marvin Steinberg, says that the attractive Annual Percentage Yield of 20% in Anchor is driving Terra’s DeFi growth. 

LUNA had been trading at $85 before surging past its previous high of $96 and hitting a resistance level. Terra’s developments like the burn feature are attributable to the upward momentum. 

LUNA is currently the ninth most valuable cryptocurrency with a market capitalization of $36 billion.

Source: Coindesk

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